When purchasing a vehicle, consumers are often faced with the problem in finding and/or understanding what the true value for a vehicle might be. Today's vehicle marketplace offers a multitude of methods for pricing vehicles. Unfortunately, these methods often report inconsistent or even conflicting prices for vehicles. Furthermore, conventional methods for vehicle pricing are generally based on administrative boundaries, such as countries, U.S. Census regions, and states. Consumers searching for a vehicle in geographic areas smaller than U.S. Census regions may face additional challenges as pricing data in such areas tend to be sparse, resulting in vehicle prices for the same model and trim varying greatly from area to area.
Complicating the matter is the fact that consumers often do not have sufficient, relevant, and/or accurate information on a particular vehicle or do not understand such information, including interdependence between local demand and availability of the vehicle. To illustrate with a specific example, a recommended price (e.g., $20,000) for a particular vehicle model and trim may not take into account how sensitive that price is (e.g., “Is $19,000 a good or bad price for this vehicle model and trim in a beach town on an island?”) or how the vehicle model compares to another vehicle model with a similar trim at about the same price. Consequently, there is always room for improvement.